OakNorth Backs EET Retail’s Acquisition of SGN Retail in £250M Club Loan Deal

OakNorth has joined a £250 million financing group to support EET Retail’s acquisition of SGN Retail, a major independent UK forecourt network. The deal doubles EET Retail’s footprint to 235 locations, signaling a significant consolidation in the UK fuels and convenience market and highlighting the growing role of digital banks in large-scale infrastructure debt.

What was announced

OakNorth has provided a bespoke loan to EET Retail, the retail division of Essar Energy Transition Fuels, to facilitate the acquisition of SGN Retail. This facility is a component of a larger £250 million senior debt package provided by a diverse international financing group. This consortium includes First Abu Dhabi Bank, Macquarie Bank, Mizrahi Tefahot Bank, Natixis, Royal Bank of Canada, SMBC Bank International, and Sound Point Capital Management.

The transaction significantly expands EET Retail’s footprint in the United Kingdom, adding SGN Retail’s 118 forecourt locations to its existing portfolio of 117 sites. This creates a nationwide network of 235 forecourts with an annual fuel throughput exceeding 650 million litres. Following the deal, EET Retail becomes the UK’s second-largest backward-integrated forecourt operator. The acquisition is a central element of Essar Energy Transition’s broader strategy to integrate fuel production at its Stanlow refinery in Cheshire with a direct-to-consumer retail network.

By securing a larger share of the retail market, the company aims to optimize its refinery-to-pump supply chain while expanding its non-fuel offerings, including convenience retail, food-to-go services, valeting, and electric vehicle (EV) charging infrastructure. The company has stated an ambition to grow this network to 800 sites by 2031.

"This is a unique, best-in-class opportunity and advances a core part of our M&A strategy. The transaction is backed by a top-tier group of banks spanning four continents, several supporting the UK forecourt sector for the first time, underscoring confidence in our backward-integrated growth model and in the UK fuels and convenience markets. OakNorth was a highly engaged and supportive partner throughout the transaction, combining a strong understanding of our strategic ambitions with the flexibility and responsiveness required to deliver a transaction of this scale. We’re delighted to welcome them into our lending group as we enter this next phase of EET Retail’s growth."

Viral Gathani, Head of Strategic Transactions at Essar Energy Transition.

The companies involved

OakNorth is a UK-based digital bank specifically designed to serve entrepreneurs and scaling businesses. Since its inception, the lender has positioned itself as a specialist in providing bespoke debt finance for the "missing middle"—businesses that are too large for retail banking products but often underserved by traditional corporate lenders. The bank utilizes a data-driven approach to credit analysis, allowing it to move quickly on complex transactions.

SGN Retail, the acquisition target, is a leading independent UK forecourt operator. The company was established by industry veterans Graham Peacock and Susan Tobbell, who have a long history of building and scaling petrol retail networks in the British market. EET Retail is the retail arm of Essar Energy Transition Fuels, which operates the Stanlow refinery. Stanlow is one of the most significant industrial assets in the UK, providing a substantial portion of the country's road transport fuels. Through EET Retail, the parent company is pursuing a "backward-integrated" model, ensuring that the fuel produced at its refinery has a guaranteed and efficient route to the end consumer through its own branded and operated forecourts.

What FF News has reported before

FF News has extensively tracked OakNorth’s activity in the mid-market lending space. In October 2025, the bank participated in a club loan to specialist care provider, Kisimul Group, supporting the development of new supported living sites. Earlier that year, in June 2025, the lender completed a £7.5m revolving credit facility for Harbro, an Aberdeenshire-based livestock feed manufacturer. Beyond direct lending, OakNorth’s technological influence was highlighted in December 2025, when it was noted among leading European financial services firms delivering impact with OpenAI. The bank also supported M&A activity in the insurance sector, providing a loan to Noble Insurance Group to acquire Caravanwise in August 2025.

What this means

This transaction signals an accelerating trend of consolidation within the UK’s independent forecourt sector. By linking the Stanlow refinery directly to a massive retail network, EET Retail is insulating itself against margin pressures that squeeze pure-play retailers who lack their own production capabilities. For the fintech sector, OakNorth’s participation in a £250 million facility alongside global giants like Macquarie and RBC demonstrates that digital-first lenders are now credible partners in complex, multi-bank infrastructure deals. This move puts pressure on traditional high-street banks to match the speed and flexibility of digital challengers in the mid-market M&A space.